Handling Large Cash Transactions
Sarah B
A reminder for businesses: Within 15 days of a $10,000 transaction, you must use IRS Form 8300 to report the transactions. If you file electronically, forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS.
You also generally should provide written statements to parties whose names you’ve reported by January 31 of the year following the transactions. However, if a transaction you report is suspicious, don’t provide a statement to the individual involved.
Although you aren’t required to file Form 8300 for cash transactions of less than $10,000, the IRS encourages you to report suspicious transactions of any amount.
Our regularly updated newsletter provides timely articles to help you achieve your financial goals. Please come back and visit often. Feature Articles How Does the New Tax Deduction for Car Loan Interest Work? NOL Deductions Can Ease the Pain of Business Losses The Tax Implications of Remote Work Tax Tips Simplify Expense Reporting With High-Low Travel Per Diem Rates Last-Minute Tax Strategy: Accelerating Deductions What Are the Tax Consequences of Employee Gifts?
December 15 Calendar-year corporations: Pay the fourth installment of 2025 estimated income taxes, completing Form 1120-W for the corporation’s records. Employers: Deposit Social Security, Medicare and withheld income taxes for November if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for November if the monthly deposit rule applies. January 12 Individuals: Report December 2025 tip income of $20 or more to employers (Form 4070).
The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat the gift. “Achievement awards” are deductible by the employer and tax-free to the employee if certain rules are met, including that the gift be of tangible personal property. So are “de minimis” gifts, such as that holiday turkey. But year-end bonuses are taxable. Contact the office if you have questions about the tax implications of employee gifts.